The Trump administration is asking congress to quickly commit another $250 billion to replenish the $349 billion small-business coronavirus program that is being overwhelmed by growing demand.
President Trump said banks have processed $70 billion in taxpayer-backed loans for 250,000 small businesses since Friday, as companies seek emergency help to deal with the enormous business disruption caused by the pandemic, according to the Washington Post.
He did not say how many of those loans have been approved or how many firms have received any of the money. There are 30 million small businesses in the United States that employ 60 million people.
The funding would go to the Paycheck Protection Program, widely viewed as a lifeline for small businesses owners struggling as commerce has essentially stopped across the country.
Banks on Monday struggled to assist thousands of small businesses vying for the aid, and several reported that the Small Business Administration system used to process the application was crashing, according to Politico.
"Throughout the course of the day, it's been up and down," Independent Community Bankers of America President and CEO Rebeca Romero Rainey told the publication on Monday afternoon. "That's been the experience since this all went live.”
The Marine Retailers Association of the Americas is holding webinars this week to help dealers who are struggling to free up cash — today’s is titled “How to Manage Your Inventory” featuring Garage Composites — and the National Marine ManufacturersAssociation issued a basic step-by-step process outline for how businesses can apply for the PPP.
While the initial rollout of PPP caused some confusion, Congress and the administration have reacted quickly to address the underlying issues, according to the NMMA, which has conveyed the industry’s challenges and concerns with the PPP process to policymakers.